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Does any recognized bank invest in cryptocurrencies?

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The time has passed where Bitcoin (BTC) was seen as solely a source of terrorist financing and money laundering. Now, the time has come when banks either adapt or will be forgotten in obsolescence. Does any recognized bank invest in cryptocurrencies in 2020?

The simple answer is yes. Many major banks have seen the potential risk that cryptocurrencies pose to their business model. That is why many of them have set to work to be part of this new revolution.

And those who have not, have already changed their speech in which they place Bitcoin and all its cryptocurrencies as the devil’s own excrement. Today, very few banks and banking institutions continue with this vision.

But it is that even those that have not yet adopted any crypto solution, have turned to Blockchain technology.

The renowned banks that invest in cryptocurrencies

Although many of the banks do not have a bad view of cryptocurrencies, the main problem is regulations. These cause doors to be closed to hodlers who still depend on banks to pay for their goods and services.

Due to the denial of the existing infrastructure, many investors, as well as cryptocurrency believers, are looking for friendlier solutions to interact with cryptocurrencies. And here at CryptoTrend we bring them to you.

Goldman Sachs, the largest investor in cryptocurrencies

This major traditional bank announced in May 2018 that they planned to launch their token called Circle, backed in USD. The governance of this bank will depend on a network powered by its own token, which will provide independent regulation from Circle.

Circle is a solution for people who want to use stablecoins to make payments and transactions on the cryptoverse without the risk of volatility. The token will be fully backed by the Federal Reserve (FED).

Goldman Sachs is betting on crypto because, like most, it saw the need to enter the world of cryptocurrencies. Additionally, Circle was created in response to fears that volatile currencies create significant problems regarding contract settlement.

National Bank of Canada

This is one of the recognized banks that invest in cryptocurrencies. Also, it is one of the few in Canada that have relationships with cryptos.

If you are a Canadian resident you can use this bank to buy and sell cryptocurrencies like Bitcoin. But, although it allows this type of transaction, the bank is heavily regulated.

While other traditional banks in Canada, such as Royal Bank of Canada and Toronto Bank, have banned their users from using their banking services to trade BTC.

Barclays

Barclays, the UK’s largest investment bank, is particularly interested in cryptocurrencies and Blockchain technology.

They provide UK residents with the opportunity to buy / sell cryptocurrencies through their banking services, in conjunction with Coinbase.

Additionally, it is exploring other ways to secure cryptocurrency transactions in the traditional realm using Blockchain technology.

Masventas Bank

This renowned Argentine bank has invested in cryptocurrencies since May 22, 2018. When it announced that it would accept cross-border payments with Bitcoin.

The bank has formed a partnership with Bitex, a startup in this region of the continent founded in 2014.

The regional bank will use Bitcoin as a payment conduit in international transactions. This provides an alternative to Swift, the popular global financial messaging service provider used by more than 11,000 traditional financial institutions worldwide.

Bitwala also invests in cryptocurrencies

This major German bank has been working with crypto since 2013. It is currently registered as a bank under the German Banking Law. Therefore, any European resident can easily use their service to get encryption friendly banking in minutes.

Bitwala offers the world’s first simple cryptocurrency bank account from where you can manage your day-to-day banking, trade in crypto, and hodlear BTC also in a single account.



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